Revenue growth remains highly erratic, evidenced by a 144.7% year-over-year spike in 2025Q4 that contrasts with persistent operating losses, such as the $14.4 million deficit reported in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 109.78M | 107.46M | 64.38M | 57.42M | 51.35M | 55.31M | 71.86M | 73.41M | 60.37M | 15.39M | 48.65M | 42.13M | 11.69M | 226K | 130.15M | 14.85M |
| Revenue Growth % | 68.2% | 66.92% | 12.12% | 11.84% | -7.17% | -23.03% | -2.12% | 21.61% | 292.37% | -68.37% | 15.48% | 260.42% | 5071.68% | -99.83% | 776.16% | - |
| Cost of Goods Sold | 21.55M | 5.51M | 0 | 40.62M | 63.39M | 193.66M | 0 | 0 | 715K | 6.03M | 2.89M | 4.66M | 4.06M | 120.58M | 114M | 3.84M |
| COGS % of Revenue | - | 5.13% | - | 70.74% | 123.46% | 350.12% | - | - | 1.18% | 39.19% | 5.95% | 11.05% | 34.72% | 53353.54% | 87.59% | 25.88% |
| Gross Profit | 88.23M | 101.95M | 64.38M | 16.8M | -12.05M | -138.35M | 71.86M | 73.41M | 59.66M | 9.36M | 45.75M | 37.47M | 7.63M | -120.35M | 16.15M | 11.01M |
| Gross Margin % | 80.37% | 94.87% | 100% | 29.26% | -23.46% | -250.12% | 100% | 100% | 98.82% | 60.81% | 94.05% | 88.95% | 65.28% | -53253.54% | 12.41% | 74.12% |
| Gross Profit Growth % | - | 58.35% | 283.15% | 239.49% | 91.29% | -292.53% | -2.12% | 23.06% | 537.61% | -79.55% | 22.11% | 391.07% | 106.34% | -845.22% | 46.68% | - |
| Operating Expenses | 88.14M | 115.19M | 111.33M | 72.84M | 79.91M | 119.44M | 369.48M | 325.33M | 298.41M | 269.48M | 226.22M | 219.37M | 240.17M | 156.51M | 139.72M | 120.34M |
| OpEx % of Revenue | - | 107.19% | 172.92% | 126.84% | 155.63% | 215.94% | 514.19% | 443.14% | 494.3% | 1751.46% | 465.02% | 520.74% | 2054.83% | 69252.21% | 107.36% | 810.19% |
| Selling, General & Admin | 37.58M | 73.65M | 69.17M | 70.45M | 67.07M | 99.3M | 108.53M | 106.08M | 97.06M | 95.59M | 84.51M | 90.2M | 71.65M | 35.93M | 25.73M | 21.5M |
| SG&A % of Revenue | - | 68.54% | 107.44% | 122.69% | 130.63% | 179.52% | 151.04% | 144.5% | 160.77% | 621.29% | 173.72% | 214.13% | 613% | 15898.67% | 19.77% | 144.71% |
| Research & Development | 31.39M | 37.41M | 37.64M | 46.34M | 70.07M | 201.55M | 260.95M | 219.25M | 201.35M | 173.89M | 141.71M | 129.16M | 168.52M | 120.58M | 114M | 98.85M |
| R&D % of Revenue | - | 34.82% | 58.47% | 80.7% | 136.47% | 364.39% | 363.16% | 298.65% | 333.52% | 1130.16% | 291.3% | 306.62% | 1441.84% | 53353.54% | 87.59% | 665.48% |
| Other Operating Expenses | 3M | 4.13M | 4.51M | -43.96M | -57.24M | -181.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 88K | -13.25M | -46.95M | -56.03M | -91.96M | -257.78M | -297.63M | -251.91M | -238.75M | -260.12M | -180.47M | -181.9M | -232.54M | -156.28M | -9.57M | -109.33M |
| Operating Margin % | 0.08% | -12.33% | -72.92% | -97.58% | -179.09% | -466.06% | -414.19% | -343.14% | -395.48% | -1690.65% | -370.96% | -431.8% | -1989.55% | -69152.21% | -7.36% | -736.06% |
| Operating Income Growth % | - | 71.79% | 16.21% | 39.06% | 64.33% | 13.39% | -18.15% | -5.51% | 8.22% | -44.14% | 0.79% | 21.78% | -48.79% | -1532.21% | 91.24% | - |
| EBITDA | 3.85M | -7.73M | -43.33M | -54.03M | -88.92M | -252.97M | -290.65M | -245.7M | -235.59M | -256.1M | -177.35M | -178.91M | -229.88M | -153.63M | -6.32M | -105.49M |
| EBITDA Margin % | 3.51% | -7.19% | -67.31% | -94.1% | -173.18% | -457.36% | -404.49% | -334.68% | -390.24% | -1664.47% | -364.55% | -424.7% | -1966.78% | -67978.32% | -4.86% | -710.19% |
| EBITDA Growth % | 107.98% | 82.16% | 19.8% | 39.23% | 64.85% | 12.96% | -18.3% | -4.29% | 8.01% | -44.4% | 0.87% | 22.17% | -49.63% | -2329.33% | 94.01% | - |
| D&A (Non-Cash Add-back) | 3.76M | 5.51M | 3.62M | 2M | 3.04M | 4.81M | 6.97M | 6.21M | 3.17M | 4.03M | 3.12M | 2.99M | 2.66M | 2.65M | 3.25M | 3.84M |
| EBIT | 4.23M | -13.25M | -42.07M | -53.65M | -79.12M | -237.64M | -294.8M | -209.81M | -215.6M | -263.16M | -179.16M | -181.27M | -230.67M | -156.28M | -9.57M | -109.33M |
| Net Interest Income | -362K | -2.46M | 2.33M | 6.77M | 2.18M | -7.44M | -4.11M | -23.47M | 1.48M | -3.76M | -92K | 631K | 1.86M | 0 | 0 | 0 |
| Interest Income | 1.46M | 0 | 4.88M | 9.12M | 8.54M | 1.11M | 4.44M | 8.39M | 11.97M | 4.79M | 1.31M | 631K | 1.86M | 0 | 0 | 0 |
| Interest Expense | 1.82M | 2.46M | 2.55M | 2.35M | 6.37M | 8.55M | 8.55M | 31.86M | 10.48M | 8.55M | 1.4M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 136.83M | 142.49M | 2.33M | 6.77M | -858K | -7.44M | -5.72M | 10.24M | 12.67M | -11.59M | -92K | 631K | 1.86M | 0 | 0 | 0 |
| Pretax Income | 136.92M | 129.25M | -44.61M | -49.27M | -92.81M | -265.22M | -303.34M | -241.68M | -226.09M | -271.71M | -180.56M | -181.27M | -230.67M | -156.28M | -9.57M | -109.33M |
| Pretax Margin % | 124.72% | 120.27% | -69.3% | -85.8% | -180.76% | -479.51% | -422.15% | -329.2% | -374.5% | -1765.96% | -371.15% | -430.3% | -1973.6% | -69152.21% | -7.36% | -736.06% |
| Income Tax | 22.37M | 23.35M | 11.8M | 5.92M | 9K | -151K | -8.52M | -5.22M | -10.56M | 13.69M | 10.11M | 951K | 6.36M | 0 | 0 | 0 |
| Effective Tax Rate % | 16.34% | 18.07% | -26.46% | -12.02% | -0.01% | 0.06% | 2.81% | 2.16% | 4.67% | -5.04% | -5.6% | -0.52% | -2.76% | 0% | 0% | 0% |
| Net Income | 114.54M | 105.89M | -56.42M | -55.19M | 872.13M | -199.43M | -278.02M | -236.46M | -215.52M | -285.4M | -190.67M | -182.22M | -237.04M | -156.28M | -9.57M | -109.33M |
| Net Margin % | 104.34% | 98.54% | -87.63% | -96.11% | 1698.54% | -360.55% | -386.9% | -322.08% | -357.01% | -1854.97% | -391.94% | -432.56% | -2028.05% | -69152.21% | -7.36% | -736.06% |
| Net Income Growth % | 296.36% | 287.7% | -2.22% | -106.33% | 537.32% | 28.27% | -17.58% | -9.71% | 24.48% | -49.69% | -4.64% | 23.13% | -51.67% | -1532.21% | 91.24% | - |
| Net Income (Continuing) | 114.54M | 105.89M | -56.42M | -55.19M | -92.82M | -265.07M | -294.82M | -236.46M | -215.52M | -285.4M | -190.67M | -182.22M | -237.04M | -156.28M | -9.57M | -109.33M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 964.96M | 65.64M | 16.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.23 | 2.06 | -1.15 | -1.00 | -1.26 | -2.87 | -4.46 | -4.25 | -3.99 | -5.45 | -4.26 | -5.34 | -7.46 | -4.84 | -0.30 | -3.43 |
| EPS Growth % | 286.76% | 279.13% | -15% | 20.63% | 56.1% | 35.65% | -4.94% | -6.52% | 26.79% | -27.93% | 20.22% | 28.42% | -54.13% | -1513.33% | 91.25% | - |
| EPS (Basic) | - | 2.10 | -1.15 | -1.00 | -1.26 | -2.87 | -4.46 | -4.25 | -3.99 | -5.45 | -4.26 | -5.34 | -7.46 | -4.92 | -0.30 | -3.43 |
| Diluted Shares Outstanding | 51.28M | 51.51M | 48.85M | 55.3M | 73.59M | 69.46M | 62.34M | 55.61M | 53.97M | 52.35M | 44.71M | 34.15M | 31.75M | 32.26M | 32.26M | 31.9M |
| Basic Shares Outstanding | 51.28M | 50.32M | 48.85M | 55.3M | 73.59M | 69.46M | 62.34M | 55.61M | 53.97M | 52.35M | 44.71M | 34.15M | 31.75M | 31.74M | 31.74M | 31.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Binary Clinical Trial Dependency
As reported in recent financial filings, Theravance Biopharma experienced a significant revenue spike to $45.9 million in 2025Q4, representing a 144.7% year-over-year increase, though this growth appears heavily influenced by non-recurring items rather than consistent, organic expansion of the YUPELRI nebulized respiratory product line.
The erratic nature of top-line growth suggests that revenue is currently driven by milestone payments or royalty adjustments rather than steady-state commercial adoption. Investors should monitor whether the underlying prescription volume for YUPELRI can sustain growth without the benefit of these periodic, non-operational revenue injections.
Based on the provided income statement data, gross margins have fluctuated wildly from a low of 25.6% in 2025Q1 to a peak of 100% in 2024Q4, indicating that the company's cost of goods sold is highly sensitive to accounting treatments and royalty-related revenue recognition.
This extreme variability suggests that the company lacks a stable, predictable cost structure for its primary product offerings. Such inconsistency complicates the assessment of true pricing power and makes it difficult to determine if the company can achieve sustainable, long-term gross margin expansion.
According to the company's historical income statements, the reported net margin of 133% in 2025Q4 highlights a reliance on non-operating financial engineering, such as royalty interest divestments, which obscures the core operational losses typically seen in the firm's quarterly performance reports.
The disconnect between negative operating income and positive net income suggests that shareholders should discount the headline profitability figures. These one-time gains provide temporary liquidity but fail to address the underlying challenge of achieving self-sustaining operational profitability through core product sales.
Based on the reported figures, the company's persistent operating losses, which reached $14.4 million in 2025Q1, suggest that the current commercial infrastructure may be oversized relative to the revenue generated by its primary respiratory assets, warranting further investigation into long-term expense discipline.
Short-sellers would likely focus on the high cash burn rate and the company's reliance on non-recurring asset sales to fund ongoing R&D. Without a clear path to operating leverage, the firm remains vulnerable to any delays in its clinical pipeline that would necessitate further capital raises.
Quick answers to the most common questions about buying TBPH stock.
For fiscal year 2025, Theravance Biopharma, Inc. (TBPH) reported total revenue of $107.5M. This represents a 623.5% increase compared to $14.9M in 2011.
Theravance Biopharma, Inc. (TBPH) is profitable, generating $105.9M in net income for the fiscal year ending 2025 with a net profit margin of 98.5%.
Theravance Biopharma, Inc. (TBPH) reported an operating income of $-13.2M, resulting in an operating profit margin of -12.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Theravance Biopharma, Inc. (TBPH) generated $101.9M in gross profit for the year, representing a gross profit margin of 94.9%. This demonstrates the company's core pricing power and production efficiency.